{"id":510,"date":"2024-06-28T22:15:12","date_gmt":"2024-06-28T19:15:12","guid":{"rendered":"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/28\/pointsbets-six-month-outcomes\/"},"modified":"2024-06-28T22:15:12","modified_gmt":"2024-06-28T19:15:12","slug":"pointsbets-six-month-outcomes","status":"publish","type":"post","link":"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/28\/pointsbets-six-month-outcomes\/","title":{"rendered":"PointsBet&#8217;s Six-Month Outcomes"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/5yecqxwFnpE\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>PointsBets chief executive has stated that despite a larger deficit in the initial six months of the year, its North American plan is yielding positive outcomes. <\/p>\n<p>PointsBet reported earnings of A$178.1 million (\u00a3989,877\/\u20ac1.10 million) for the initial six months concluding on December 31, 2022, representing a 28% year-over-year increase, but its loss expanded to A$178.2 million. <\/p>\n<p>The majority of expenses during the six-month period were incurred in PointsBets US operations, which were also a significant contributor to the company&#8217;s revenue results, accounting for A$75 million of total earnings. This represented an 86.1% increase from the first half of 2022.<\/p>\n<p>PointsBet introduced its sports betting product in Kansas and Louisiana in September 2022, followed by a launch in Maryland in November when the market officially opened.<\/p>\n<p>By the end of the half-year period, PointsBet offered mobile betting in 14 states, retail betting in three states, and online casino in four states.<\/p>\n<p>Since then, PointsBet opened a new retail sportsbook in Illinois in January, marking its fourth retail location.<\/p>\n<p>Sam Swanell, managing director and group CEO of PointsBet, remarked that the company&#8217;s US operations are demonstrating strong performance.<\/p>\n<p>&#8220;These outcomes show that our North American plan is effective \u2013 earnings are expanding, expenses are decreasing,&#8221; he stated. <\/p>\n<p>They were the seventh largest online gambling firm in the United States, the world&#8217;s biggest and fastest-growing online gambling market, out of over 60 authorized operators.&#8221;<\/p>\n<p>He also stated that the company is performing well in Australia, despite a slight decrease in revenue from $97.6 million in the first half of 2022 to $95.3 million.<\/p>\n<p>Last month, PointsBet began discussions about selling their Australian operations to NTD Limited, a company owned by News Corporation. NTD Limited operates the Betr brand in Australia.<\/p>\n<p>Betr was founded by influencer Jake Paul and Simplebet co-founder Joe Levy and launched in August 2022.<\/p>\n<p>&#8220;The Australian business remains robust,&#8221; he stated. &#8220;In Australia, total wagers were $1.55 billion, up 14% from the previous year, and total profit was $105.3 million, down 2% from the previous year.&#8221;<\/p>\n<p>By region<br \/>\nPointsBet generated $6.7 million from their Canadian operations, but there&#8217;s no comparison to the previous year because the Canadian sports betting market opened on April 4, 2022. Technology contributed the remaining $1.1 million in revenue, down 9.0% from the previous year.<\/p>\n<p>Total wagers for the period were $3.2 billion, up 39.8% from the previous year. The United States generated the most of this, at $1.57 billion, a significant increase of 66.0% from the previous year.<\/p>\n<p>Wagers in Australia were $1.55 billion, up 14.1%. Wagers in Canada were $101.3 million.<\/p>\n<p>Total profit from sports betting was $158.2 million, up 13.6%. <\/p>\n<p>Concerning regional distribution, Australia&#8217;s sports betting net income stayed fairly consistent, decreasing by 2.4%.<\/p>\n<p>On the other hand, in the United States, sports betting net income increased by a more substantial 62.0%.<\/p>\n<p>## PointsBet&#8217;s Six-Month Outcomes<\/p>\n<p>The total cost of sales reached A$108.2 million, leading to a net profit of A$69.8 million. This net profit signifies a 27.6% rise compared to the same period in the previous year.<\/p>\n<p>Other revenue amounted to A$3.7 million, comprising A$3.6 million in net foreign exchange gains and A$0.115 million in research and development earnings, partially counteracting this growth.<\/p>\n<p>In terms of expenditures, marketing expenses were the highest at A$131.3 million. This was followed by employee benefits expenses of A$74.9 million and depreciation and amortization expenses of A$22.5 million.<\/p>\n<p>The remaining A$26.8 million originated from various other costs, including consulting fees and administrative expenses.<\/p>\n<p>Total expenses for the six-month period amounted to A$255.6 million, representing a rise of A$57.3 million year-over-year.<\/p>\n<p>After taking into account A$4.6 million in financial income and A$2.1 million in financial expenses, the pre-tax loss was A$179.6 million.<\/p>\n<p>After considering A$1.4 million in income tax benefit, the total loss for the period reached A$178.1 million.<\/p>\n<p>## Sign up for the iGaming Newsletter <\/p>\n","protected":false},"excerpt":{"rendered":"<p>PointsBets chief executive has stated that despite a larger deficit in the initial six months of the year, its North American plan is yielding positive outcomes. PointsBet reported earnings of A$178.1 million (\u00a3989,877\/\u20ac1.10 million) for the initial six months concluding on December 31, 2022, representing a 28% year-over-year increase, but its loss expanded to A$178.2 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PointsBet US Expansion Fuels Growth Despite Losses<\/title>\n<meta name=\"description\" content=\"PointsBet sees strong revenue growth in H1 2023, driven by US expansion, despite widening losses. 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